However, KODK stock plunged 28% on Monday following the DFC’s below tweet. Shares of Eastman Kodak continued to bleed today and closed down 6.71% at $10.01.
Last Friday night, the federal agency announced that the offer is withheld pending probes into allegations of wrongdoing by the company. The Congress and SEC are now investigating the deal.
Eastman Kodak also appointed a special committee of independent directors of the Board on Friday to review the recent activities. The Committee, comprised of directors Jason New and William Parrett, will oversee an internal review of recent activity by the company and related parties in connection with the announcement of a potential loan by the DFC to support the launch of Kodak Pharmaceuticals.